The end of tax season brings relief to tax professionals and filers alike, but it can be just the beginning of dread for one million more. According to Accounting Today, the Internal Revenue Service will audit more than one million Americans this year. Many people are...
Tax Audits
Rumors of low audit rates exaggerated
Article after article on the Internet states that the odds of a federal audit by the Internal Revenue Service (IRS) are extremely low. Unfortunately, these stories overestimate the rate of audits conducted by the IRS. The stories often quote the follow statistic: only...
Quarterly tax filers beware: Double the bill & headache in April
Those who choose to pay their taxes in quarterly installments will face double the bill, and double the headache, on April 17, 2018. Why? In addition to paying for the final quarter of 2017, you will also need to pay the Internal Revenue Service (IRS) for the first...
Millennials are making these three tax mistakes
Long stereotyped as the generation too coddled to leave home, Millennials are finally growing up as they as they gain employment, pay rent, buy homes, get married and have kids. That is to say: they're making adult decisions and contributing to the economy in new ways...
IRS scores victory over cryptocurrency trading platform
On behalf of Goldburd McCone LLP posted in Tax Audits on Wednesday, January 10, 2018. After a year-long battle in court, the Internal Revenue Service (IRS) has notched a victory over Coinbase, a leading cryptocurrency exchange headquartered in San Francisco. The Nov....
Will changes in IRS examinations affect you?
A famous New York rapper once said that he had “more money, more problems.” Is this notion actually true? When it comes to your tax returns as a high-income earner, it just might be. As the 2017 fiscal year came to a close, the IRS announced that it is changing the...
Responding to an IRS audit
According to the Tax Foundation, 1.2 million Americans had their taxes audited by the Internal Revenue Service in 2015. Predicting who will be audited and why is difficult because tax law changes every year. Additionally, the IRS could change their focus from one...
Is that charity organization really tax exempt?
The holidays are a time in which you might feel the need to give to those who are less fortunate. As the season of good tidings approaches, you realize that you’ve had a blessed year for your family and business, and now you want to contribute money, food or toys to a...
The IRS is Getting Tougher (But Also Nicer!) in 2017
The IRS is constantly updating and refining its tax collection processes. In recent months, the IRS has formally announced many changes to its tax collection procedures. For taxpayers with delinquent taxes, some of these changes may create additional challenges. Some...
Audits Are Down, but Audits on the Rich Are Likely to Increase
The number of IRS audits has decreased in each of the last five years. In 2016, only one in 143 individual taxpayers was audited. While audits are a necessary aspect of our tax system, it is safe to say most taxpayers will not lose sleep about the decreased likelihood...